Section 3: Budgeted financial statements

The budgeted financial statements will form the basis of the financial statements that will appear in the Corporations and Markets Advisory Committee (CAMAC) 2003-04 Annual Report, and form the basis for the input into the whole-of-government accounts. The financial statements should be read in conjunction with the accompanying notes.

The budgeted financial statements contain estimates prepared in accordance with the requirements of the Australian Government’s financial budgeting and reporting framework, including the principles of Australian Accounting Standards and Statements of Accounting Concepts, as well as specific guidelines issued by the Department of Finance and Administration.

Analysis of budgeted financial statements

There are no unexpected variations in the results of 2004-05 compared with 2003-04.

CAMAC is budgeting for a breakeven operating result in 2004-05. An analysis of CAMAC’s budgeted financial statements is provided below.

The total agency revenue is estimated to be $0.9 million. There is no change from the estimated 2003-04 actual.

The total agency expenses for 2004-05 will be $0.9 million. Employee expenses will increase by $13,000 offset by a reduction in supplier expenses of $13,000. The net asset position for 2004-05 will remain unchanged.

Agency financial statements

Budgeted agency statement of financial performance

This statement provides a picture of the expected financial results for CAMAC by identifying full accrual expenses and revenues. It highlights whether CAMAC is operating at a sustainable level.

Budgeted agency statement of financial position

This statement shows the financial position of CAMAC. It enables decision-makers to track the management of CAMAC’s assets and liabilities.

Budgeted agency statement of cash flows

This statement identifies expected cash flows from operating activities, investing activities and financing activities.

Agency capital budget statement

This statement shows all proposed capital expenditure funded through the Budget as appropriations or from internal sources.

Agency non-financial assets — summary of movement

This statement shows the movement in CAMAC’s non-financial assets over the budget year 2004-05.

Table 3.1: Budgeted Agency Statement of Financial Performance
for the period ended 30 June

1. K1 shows the link back to Table 1.1.

Table 3.2: Budgeted Agency Statement of Financial Position
as at 30 June

Table 3.3: Budgeted Agency Statement of Cash Flows
for the period ended 30 June

Table 3.4: Agency Capital Budget Statement

Table 3.5: Agency Non-financial Assets — Summary of Movement
(Budget year 2004-05)

Notes to the financial statements

Basis of accounting

The financial statements have been prepared on an accrual basis in accordance with the historical cost convention.

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